Archive

Warren Buffett’s Berkshire Hathaway owns Clayton Homes and numerous other HUD Code manufactured home industry-connected operations. But its reach is so vast, that in direct and indirect ways, it can influence the manufactured housing industry. With that backdrop, the latest moves by Berkshire Hathaway are posted below.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

Harley-Davidson overseas move was years in the making: Bikers for Trump

China feeling the brunt of trade war

Has big tech become untouchable?

Kroger grocery unit bans Visa credit cards

Trump hopes economy will help drive ‘red wave’ in midterms

The economy is moving forward very swiftly: Rep. Faso

NY Senate candidate will push to make rent tax deductible if wins

Small business optimism at 35-year high

From sales rep to salad vending machine tycoon

Today’s markets and stocks, at the closing bell…

Manufactured Housing Composite Value (MHCV)

Today’s Big Movers

Forall the scores and highlightson tracked manufactured home connected stocks today, see the Bloomberggraphic, posted below.

Today’s MH Market Spotlight Report –

Per CNBC today:

Berkshire Hathaway loaded up on Apple, Delta, Southwest and Goldman in the second quarter.

In May, Buffett told CNBC that Berkshire had added 75 million shares of Apple and exited its stake in IBM in the first quarter.

“Warren Buffett’s Berkshire Hathaway increased its stake in Apple by 5 percent, according to a regulatory filing Tuesday that discloses positions through the end of the second quarter.

Berkshire also upped its holdings of Goldman Sachs by 21 percent, Delta by 18.8 percent and Southwest by 18.7 percent, the filing said, and it added another 6.7 percent to its Teva stake, which it had doubled in the first quarter of this year. Buffett’s conglomerate has been steadily building its Apple stake for two years to become its second-biggest shareholder.”

“We Shouldn’t Fear Our Government,” said True the Vote’s Catherine Engelbrecht in a video in our featured report this evening. The IRS targeting scandal of conservative groups during the Obama Administration may not seem to have anything to do with the markets, or manufactured housing, does it? The recent settlement of the scandal will be our market focus for this evening.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

A judge…approved a settlement between the IRS and hundreds of tea party groups, in which the federal agency agreed to pay out $3.5 million, reports the Chattanooga Free Times, and Fox News.

“It shows that when a government agency desires to target citizens based on their viewpoints, a price will be paid,” said Edward Greim, a lawyer who led the class-action case in federal court in Cincinnati, according to the Washington Times.

Watch the latest video at foxnews.com
An award-winning manufactured housing professional, Dick Moore, told MHProNews that he was targeted by the IRS for his political views, which is one of several reasons for spotlighting this topic tonight.

But another reason is the broader question, what will happen if the GOP loses the House in November?

The tea party groups received a “sincere apology” from the IRS, and the government agreed to a declaratory judgment that “it is wrong” to scrutinize a tax return because of a taxpayer’s name or political philosophy, the report said.

“I’m not frankly aware of any other class-action lawsuit against the IRS for anything where the IRS paid money,” Mark Meckler, who as president of Citizens for Self Governance funded the class-action challenge, previously told the Times when the settlement was submitted for final approval a few weeks ago.

Just as 2016 was a “jump ball,” 2018 is too. Each major party can point to their evidence as to why they believe they can win. What would happen to the economic progress made if the House flips?

As the United States begins to flex more economic muscle, there are increasing signs in markets from China, Europe to now Turkey that are reflecting weaknesses in markets overseas. Today, Turkey grabbed the headlines, and some experts share their take. It’s a troubling reminder why manufactured housing is a much safer bet, which will be our evening spotlight focus.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

Every time we cut the capital gains tax it’s a tremendous advantage: Norquist

Trump administration tax on capital gains tax

Small business owners favor more China tariffs: Survey

New York state shuts down child’s lemonade stand

College students up to ears in debt: Here’s how to manage and understand loans

World’s largest yard sale nearly 700 miles long

Car shoppers finding fewer 0% finance deals

Today’s markets and stocks, at the closing bell…

Today’s Big Movers

Forall the scores and highlightson tracked manufactured home connected stocks today, see the Bloomberggraphic, posted below.

Today’s MH Market Spotlight Report –

We’ll let the talking heads explain their thinking on the Turkish Tank today, noting that new punitive U.S. economic moves – aimed to get an imprisoned Christian minister, jailed in Turkey – freed have sparked a nosedive.

Far more stable are the markets in manufactured housing.

A one-year snapshot of virtually any stock tracked below will reveal how safe a bet the manufactured home sector is for investors. That’s all that need be said this evening, going into the weekend.

Bloomberg Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

Wouldn’t it be refreshing if certain folks in Arlington, VA made an admission like the headline confession Heritage’s Edwin Fuelner made on camera? But, the focus for this evening’s market report isn’t that, rather, it is two-prime points. General economy/jobs, and the under-reported internal struggles in China over the trade troubles with the U.S.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

College students up to ears in debt: Here’s how to manage and understand loans

World’s largest yard sale nearly 700 miles long

Car shoppers finding fewer 0% finance deals

Today’s markets and stocks, at the closing bell…

Today’s Big Movers

Forall the scores and highlightson tracked manufactured home connected stocks today, see the Bloomberggraphic, posted below.

Today’s MH Market Spotlight Report –

Can you visualize a certain president in Arlington turning red-faced, if he had to make a public admission or error, as Heritage Fuelner’s founder freely made on-camera in the first video below? For his colleagues, here’s a tip. Credibility grows when admissions – attornment, and amendments – are made.

Accountability is desired in business, and with the typical professional organization too. But the focus, tonight as noted, is two-fold.

The mission of The Heritage Foundation is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.”

Like many non-profits in D.C., Heritage has access to reports and resources that thousands of modest sized businesses do not. So, Fuelner’s take on these economic issues should be of interest to many.

Near the end of the video above is his confession on China, which makes a good segue into the following. Fuelner now sees that issue differently than he did in the past.

But it isn’t just a growing number of policy wonks in Washington or Wall Street that are beginning to see the mid-to-long-term wisdom of the Trump Administration’s policies.

“A growing trade war with the United States is causing rifts within China’s Communist Party, with some critics saying that an overly nationalistic Chinese stance may have hardened the U.S. position, according to four sources close to the government.

President Xi Jinping still has a firm grip on power, but an unusual surge of criticism about economic policy and how the government has handled the trade war has revealed rare cracks in the ruling Communist Party.

A backlash is being felt at the highest levels of the government, possibly hitting a close aide to Xi, his ideology chief and strategist Wang Huning, according to two sources familiar with discussions in leadership circles.”

There were also more signals today that the U.S. and the E.U. are moving toward the goals stated, reported on the Daily Business News in late July at the link below.

The markets closed mixed, and the midterms are approaching in just 90 days. As the American Banker noted in their print edition, part of what is up in the air is certainty for business and investors. Is it a blue wave ahead, or is the President of the United States (POTUS) Donald J. Trump’s claim that it could be a red wave correct? Self-proclaimed Democratic socialist, and new darling for many in the left-of-center media, Alexandria Ocasio-Cortez endorsed candidates, so did POTUS. That will be tonight’s focus report.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

Forall the scores and highlightson tracked manufactured home connected stocks today, see the Bloomberggraphic, posted below.

Today’s MH Market Spotlight Report –

“Whether you win by one or one hundred, you’ve still won, and the GOP won the special election last night in Ohio while all three candidates Sanders and Ocasio-Cortez campaigned for lost their primary races,” said the Daily Caller. One of her endorsed candidates won, and one is pending: “Ocasio-Cortez endorsed congressional candidate Kaniela Ing in Hawaii for the race taking place on Aug. 11.”

The New York Times reported the results last night like this: “Few Have Lost Races, but All Republicans Have Lost Support in Special Elections Under Trump.”

Much of the left-of-center media made it sound worse than that line. The Washington Post phrased it like this: “The margin [in OH 12] of less than 1 percent came in a district that Trump won by 11.”

There’s certainly no denying that the margins have been narrowed, but aren’t there several ways of looking at that data-point?

By contrast, here was the story from POTUS Trump’s Twitter feed.

Coat tails.

5 for 5 last night for POTUS. Coat tails. Vs. 1 of 4 last night for Ocasio-Cortez, with one race still outstanding.

The RNC spokesperson in this video said that Republicans have won 8 of 9 special elections, while the DNC spokesperson had – of course – a different view.

The reality is that either side could prevail, as it is about energizing each side’s base and turnout.

President Trump proved in 2015-2016 that the candidate with the most money isn’t bound to win. If that had been so, the Jeb Bush would have faced off against Hillary Clinton, but with less cash and spending, Donald J. Trump beat the former Florida Governor and the former Secretary of State.

The turnout for the Trump events was under estimated by many in the media in 2016. Is there any Democrat, other than perhaps former President Barack Obama, who can turn out a crowd as big as President Trump today?

GOP Senate nominee in MI, John James, said that Debbie Stabenow cares more about “resistance than results” and “She cares more about obstruction[of the Trump agenda] than economic opportunity.” James touted his results from “the battlefield to the board room.”

Rural whites have been treated as “deplorable,” while urban blacks have been treated by Democrats as “disposable,” said James.

He said he doesn’t have a “black message, or a white message, I have a Michigan message.”

He clearly has his sound bites down well. “Identify politics is the enemy of the state.” James said. From border security, to the economy, and more, the GOP nominee from Michigan for the U.S. Senate sounds very much like an energetic, compressed take from the president’s agenda.

James sounds a little like conservative version of Barack Obama’s 2004 DNC speech, so no wonder that President Trump is touting him as a future star of the GOP. Don’t believe it? See and hear for yourself.

The next 90 days will be unfolding rapidly.

Last night, in the battle between the effects of the endorsements – measuring the impact from the “skirt” vs. “coat tails,” it seems that the President’s coat-tails won. The Daily Business News will keep an eye on the emerging contest for investors and professionals.

Bloomberg Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

Don’t look now. The uncertainty over trade, sanctions, tariffs in the first half of the year gave way on Wall Streets to a more recent steady rise in the markets. While there’s plenty of question marks – read, uncertainty – ahead, there seems to be growing confidence that the Trump Administration may be on the difficult, but correct path for long term American interests. Tonight’s focus will be on the return of Iranian sanctions, plus other market views on recent trade developments.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

Markets closed up, even though the Iranian sanctions have now kicked in.

President Trump tweeted that “The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!”

There’s speculation that Germany may be moving to work with Washington, but limiting access of Iranian assets moving through their banks.

FBN says that Iran shipped out almost 3 million barrels of crude per day in July. Sanctions on Iranian oil exports will take effect in November. That would send oil prices higher.

Unrest in Iran is on the rise, and while the Trump Administration has said they are not seeking regime change, there are numerous unknowns about what President Trump and Russia’s leader, Vladimir Putin discussed. Would it be a surprise if the Islamic state was part of the calculus for that meeting?

If they’re playing poker, senior Trump Administration officials are playing it like Cool Hand Luke. The signals are they expect a few weeks to months of tariff and trade tensions. But the Oval office has said and signaled that they expect to win at the end of this process. With markets rising again, investors seem to be gaining confidence that the White House is getting it right.

Bloomberg Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

The USDA reports that the number of people on food stamps, more properly known as SNAP benefits, has been declining by millions since February of 2017. More jobs, higher wages are clearly contributing to that outcome, which will be our focus spotlight this evening.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

Stocks begin week on tentative note, as tariffs and earnings remain in focus

Oil prices climb following unexpected production dip

Millions drop off food stamps

NASCAR CEO Brian France takes leave of absence after DUI arrest

Here’s how long $1 million in retirement savings will last in your state

These 4 industries struggle to recruit new employees

More Americans may owe the IRS next tax season

SeaWorld attendance surges after ‘Blackfish’ documentary scandal

Drastic rise in Americans filing for bankruptcy

Warren Buffett’s Apple bet is paying off

Facebook wants banks to share your personal finances: Report

Venezuela a warning to ‘pie-in-the-sky’ socialists: Varney

Wynn Resorts settles with Elaine Wynn, names Phil Satre vice-chairman

Hologic CEO on innovating in women’s health

Nestle USA CEO: We continue to grow in the US

Capital gains taxes should be indexed for inflation: Art Laffer

New York state shuts down child’s lemonade stand

Today’s markets and stocks, at the closing bell…

Today’s Big Movers

Forall the scores and highlightson tracked manufactured home connected stocks today, see the Bloomberggraphic, posted below.

Today’s MH Market Spotlight Report –

There are dozens of stories that get lightly covered in the mainstream media, for whatever reason.

Among them is the ticking time bomb left by the mushrooming budget deficits during the prior two administrations. Candidate and U.S. Senator Barack Obama called out President G.W. Bush for his huge deficits. Once president, POTUS Obama proceeded to double the national debt in 8 years. The vast majority of the federal debt came during the 16 years of the G.W. Bush and Barack H. Obama Administrations.

Politicians often talk about mushrooming debt during campaign season, and then ignore it as it builds up once they are in office. The Trump Administration is working to reduce SNAP and other entitlement payments, in part by creating an economy that is thriving. As incomes rise, people can and are leaving entitlements for the workforce. This is logically a prudent policy long term.

Those debts require debt service payments. As interest rates rise, the cost of debt services is rising too.

In a practical sense, the only option the federal government had – other than eventual insolvency or ‘hyper-inflation’ (more aptly, dramatically devalued monetary value) – was to fuel much faster economic growth. A look at Venezuela is a sobering reminder of what America wants to avoid.

With that backdrop, what progress is being made?

Two items will be quickly reviewed, that are interconnected.

According to the White House press room, “The American economy is continuing its longest monthly streak of positive job growth in history, with 3.9 million jobs added since President Donald J. Trump was elected.”

“Today marks just the eighth time since 1970 that unemployment has fallen below 4 percent—with three of those occasions occurring in 2018. This success is good news for everyone, but it’s crucial for communities that have struggled historically: The unemployment rate for Hispanics has reached another all-time low, and unemployment for individuals with less than a high school diploma fell to its lowest mark since the series began in 1992,” said the Oval Office’s media room to the Daily Business News.

“Just as important: Jobs are paying better. Significant wage gains had been a missing piece of the economic “recovery” since the Great Recession, CNBC reports, but that reality is changing under President Trump. “Compensation for workers rose to a nearly 10-year high in the second quarter,” Jeff Cox writes.

With that backdrop, Fox Business notes that “(SNAP) – commonly known as food stamps – since Trump’s first full month in office, the data showed. Food stamp enrollment in May 2018 was 39,329,356 versus 42,134,301 in February 2017.”

It only took Lou Barletta about 3 minutes to machine gun the bullets that sum up the 2018 midterm battle lines. Check out that new video, because the midterms are coming up fast. With markets closing mostly up, the Barletta related video will be our feature for tonight.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

College students up to ears in debt: Here’s how to manage and understand loans

Student loan debt has reached $1.5 trillion.

World’s largest yard sale nearly 700 miles long

Car shoppers finding fewer 0% finance deals

Interest rates are rising, and automakers are turning to cash incentives.

Today’s markets and stocks, at the closing bell…

Today’s Big Movers

Forall the scores and highlightson tracked manufactured home connected stocks today, see the Bloomberggraphic, posted below.

Today’s MH Market Spotlight Report –

Lou Barletta, “represents a blue collar district in the northeastern portion of the state, probably starts out as the favorite,” said Real Clear Politics, which said “Barletta poses an interesting matchup…” with incumbent Pennsylvania Democratic Sen. Bob Casey Jr. As millions recall, President Donald J. Trump carried the state in 2016, part of the crack of the once-vaunted ‘blue wall’ that Democrats have held for decades.

Incumbents overwhelmingly win in the Senate and House. So, the odds are typically in the favor of the person holding a seat in Washington.

Will this year be different? The video below may speak louder than many polls.

There are 35 U.S. Senate seats up for grabs, and the entire House of Represenatives is up for reelection every 2 years. So we’ll keep an eye on Barletta vs. Casey, as one of the 470 matchups that make politics this year a full contact blood-and-money sport.

MHProNews will reach out to several campaigns, to see where the candidates stand on key issues. Stay tuned.

Everyone will be buzzing about Apple being the first to hit a trillion dollar market cap. Berkshire Hathaway holds a growing stake in Apple. How does Berkshire, or other publicly traded firms compare? See the infographic below, our feature for this evening.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

Forall the scores and highlightson tracked manufactured home connected stocks today, see the Bloomberggraphic, posted below.

Today’s MH Market Spotlight Report –

Short and sweet tonight.

The first chart reflects the rise of Apple.

The second shows the comparative market caps of other firms in the equities market.

Per CNBC.

It should be noted that CNBC said that in its heyday, IBM had more sway than Apple does today. That may be true, but the irony is that Buffett’s Berkshire has been shedding IBM stock, and picking up Apple stock.

Bloomberg Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

Numerous manufactured home professionals don’t realize that the per HMDA data, the #3 lender in manufac5ured housing is Well Fargo, which Warren Buffett’s Berkshire Hathaway has a large stake in. The fines they were hit with today are our featured spotlight tonight.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

Half of the group behind Kendrick Lamar and Lady Gaga is for sale. Who will bite?

Interest rates are going up. Here’s what to do

Sony is cashing in on its big stake in Spotify

The tech bloodbath is here

Select Bullets from Fox Business…

Everything you need to know about the capital gains tax cut[overlay]

Everything you need to know about the capital gains tax cut

Fed keeps interest rates unchanged, says US economy ‘strong’

Apple shares rally after iPhone sales boost earnings

Texas sand dunes go from worthless desert to mega-valuable commodity

Buffett loans whopping $2B to Sears property owner

Wells Fargo hit with $2 billion fine over faulty mortgages

Fidelity to launch no-fee index funds

Top 5 states with highest, lowest student loan debt

Car shoppers finding fewer 0% finance deals

Trump OKs sale of revamped short-term health care plans

This state offers six-figure salaries without a college degree

Trump to slap 25% tariff on $200 billion Chinese goods

US workers get biggest pay increase in a decade

Elon Musk blasts Tesla short seller David Einhorn

Why Iran, China have more to lose than the US, Trump

Reddit suffers data breach

China’s Huawei surpasses Apple in smartphone sales

The Chinese tech company is now the second-largest smartphone maker in the world.

How 3D technology is improving cancer detection

These automakers are releasing flying cars in the near future

New York state shuts down child’s lemonade stand

Katz’s Deli, secrets behind keeping a 130-year-old business alive

Today’s markets and stocks, at the closing bell…

Today’s Big Movers

Forall the scores and highlightson tracked manufactured home connected stocks today, see the Bloomberggraphic, posted below.

Today’s MH Market Spotlight Report –

The fines levied against Wells Fargo today were for allegations the firm was misrepresenting loan quality prior to the 2008 financial crisis. So, they’ve been a long time coming.

In a release to the Daily Business News, the U.S. attorney’s office in California announced Wednesday that it’s fining Wells Fargo $2.09 billion for allegedly mispresenting loan quality for mortgages it originated sold that were part of the run-up to the 2008 financial crisis.

Daily Business News readers may recall that the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency fined the bank $1 billion over claims of improper mortgage and auto-lending practices.

“This settlement holds Wells Fargo accountable for actions that contributed to the financial crisis,” said Acting Associate Attorney General Jesse Panuccio. “It sends a strong message that the Department is committed to protecting the nation’s economy and financial markets against fraud.”

“Abuses in the mortgage-backed securities industry led to a financial crisis that devastated millions of Americans,” said Acting U.S. Attorney for the Northern District of California, Alex G. Tse. “Today’s agreement holds Wells Fargo responsible for originating and selling tens of thousands of loans that were packaged into securities and subsequently defaulted. Our office is steadfast in pursuing those who engage in wrongful conduct that hurts the public.”

“Abuses in the mortgage-backed securities industry led to a financial crisis that devastated millions of Americans,” Alex Tse, acting U.S. attorney for the Northern District of California, said in a statement. “Today’s agreement holds Wells Fargo responsible for originating and selling tens of thousands of loans that were packaged into securities and subsequently defaulted.”

For a giant lender like Wells Fargo, has the punishment fit the crime? And in the end, isn’t it consumers that pay for this fine, because the bank will just pass along the costs to their customers, over time?

Bloomberg Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).